# Fixed Effects Robustness

## Summary

| Model | Spec | Z1 Coef | Z1 SE | Z1 p | N | R2 |
|---|---|---|---|---|---|---|
| National Savings: Baseline | Baseline | 90.16 | 15.69 | 0.0000*** | 4,319 | 0.181 |
| National Savings: + Year FE | + Year FE | 88.62 | 16.25 | 0.0000*** | 4,319 | 0.185 |
| National Savings: Within + Year FE | Within + Year FE | 66.64 | 14.22 | 0.0000*** | 4,319 | 0.105 |
| Private Saving: Baseline | Baseline | 59.99 | 15.36 | 0.0001*** | 4,028 | 0.109 |
| Private Saving: + Year FE | + Year FE | 60.41 | 15.72 | 0.0001*** | 4,028 | 0.127 |
| Private Saving: Within + Year FE | Within + Year FE | 41.55 | 13.04 | 0.0015*** | 4,028 | 0.087 |
| Govt Saving: Baseline | Baseline | 22.31 | 7.46 | 0.0028*** | 5,174 | 0.043 |
| Govt Saving: + Year FE | + Year FE | 18.83 | 7.42 | 0.0112** | 5,174 | 0.096 |
| Govt Saving: Within + Year FE | Within + Year FE | 22.32 | 7.73 | 0.0039*** | 5,174 | 0.118 |
| CA/GDP: Baseline | Baseline | 27.71 | 12.36 | 0.0249** | 5,428 | 0.037 |
| CA/GDP: + Year FE | + Year FE | 27.35 | 12.76 | 0.0321** | 5,428 | 0.041 |
| CA/GDP: Within + Year FE | Within + Year FE | 17.21 | 12.76 | 0.1775 | 5,428 | 0.008 |

## All Demographic Coefficients

| Model | Z1 | Z2 | Z3 |
|---|---|---|---|
| National Savings: Baseline | 90.16*** | -11.44*** | 0.41*** |
| National Savings: + Year FE | 88.62*** | -11.24*** | 0.40*** |
| National Savings: Within + Year FE | 66.64*** | -9.35*** | 0.36*** |
| Private Saving: Baseline | 59.99*** | -7.10*** | 0.24** |
| Private Saving: + Year FE | 60.41*** | -7.28*** | 0.25*** |
| Private Saving: Within + Year FE | 41.55*** | -4.80** | 0.15** |
| Govt Saving: Baseline | 22.31*** | -3.12*** | 0.12*** |
| Govt Saving: + Year FE | 18.83** | -2.51** | 0.09** |
| Govt Saving: Within + Year FE | 22.32*** | -3.60*** | 0.15*** |
| CA/GDP: Baseline | 27.71** | -3.20* | 0.11 |
| CA/GDP: + Year FE | 27.35** | -3.15* | 0.10 |
| CA/GDP: Within + Year FE | 17.21 | -2.58 | 0.11 |

*Baseline: PanelGLS (no fixed effects). + Year FE: year dummies added. Within + Year FE: country-demeaned data with year dummies (equivalent to two-way FE). The within transformation removes between-country variation, identifying only from within-country demographic changes over time.*